TEAM MEMBERS v Thao v Stephanie v Latavia v Brittany v Megan
MISSION STATEMENT v We are a group of fashion enthusiast who embrace global fashion diversity. Gathering only the latest apparel from up and coming designers and making it easily accessible is our main focus.
VISION STATEMENT v We deliver the latest trends to young fashion enthusiast at an affordable price.
CORE VALUES v Only carrying the best quality merchandise v Commitment to innovation v Embracing individualism v Maintain affordable prices v “Keeping it simple� v Quality over quantity
COMPANY FACTS v E-commerce Industry v Focus differentiated Business Strategy v Partnership business model
PORT ER’S FIV E FORCES Suppliers: Avant-garde up and coming designers We hold the power
Substitutes: Any brand that has recognition with a physical and/or online store Personal stylists
Rivals: Nieman MarcusLow Saks Fifth AvenueLow Opening CeremonyModerate ASOS-Extreme
Customers: College students and young professionals
New Entrants: Low barrier entry Little government regulations Brand differentiation Access to better distribution channels
SWOT ANALYSIS v STRENGTH • • • •
24/7 AVAILABILTY NEWEST TREND AVAILABLE RIGHT AWAY PERSONAL CUSTOMER RELATION COST ADVANTAGES
v WEAKNESS • BRAND RECOGNITION • PHYSICAL RETAILERS, SUCH AS: NIEMAN MARCUS, NORDSTROM, BARNEY’S • CUSTOMER LOYALTY • UNKNOWN CUSTOMER DEMOGRAPHICS
v OPPORTUNITY • • • •
E-COMMERCE KEEPING UP WITH OUR EVERCHANGING INDUSTRY RIVAL COMPANIES ARE COMPLACENT EXPANDING OUR PRODUCT LINE TO MEET A BROADER RANGE OF CUSTOMER NEEDS
v THREAT • PHYSICAL AND ONLINE STORES • RIVAL PERSONAL SHOPPERS AND STYLIST • NOT ENOUGH SUPPLY
STRATEGIC PLAN v 70% customer purchased rate by the end of our first year • Building customer relationship over instant profit • Improve our services by customer feedback • Implementing our own reward system
v 60% of customers who are online shopping will buy from us by the end of our second year • Social media • Lifestyle photography • Endorsements
v Break even by December and make a profit $100,000 by end of our first year • • • •
Keep prices consistent and affordable Providing an unforgettable shopping experience Have a distinct look Market consistently and effectively
v Have three new designers make 80% profit on our creative team within the first year • Studying our buyers habits • Hosting promotional events • Creating partnerships with young aspiring designers
ST RON G EST COM PET IT OR v ASOS • • • • •
Brand recognition Brand loyalty Lower cost Marketing tactics We will differentiate by: • Around the world trend forecasting • Personal customer service • Customer participation
ORGANIZATION CHART Manufacturing Manager: Megan
Marketing Director: Brittany
Human Resources: Thao
Financial Officer: Latavia
Sales Director: Stephanie
COMPANY’S CULTURE v Teamwork v Communication method • Skype • Monthly conference
v Conflict • • •
Setting aside our differences to attain our common goal Voting system Valuing each others’ constructive feedback
v Wages • Splitting profit equally amongst ourselves
FINANCIAL PLAN v Source of revenue: • Receive $120,000 investment from UBS a global firm providing financial services • Start-up budget: $100,000
BREAK-EVEN ANAYLSIS v Fixed cost- $110,000 v United Selling Price- $500 v Variable Cost- $300 v $110,00/(500-300)= $550 Must make a day to break even.
EN V I RO N MEN TA L C O N C ER N S Concerns: • Extreme weather conditions • Shipping
Solution: • Warehouse based in Arizona • Incentives
• Traveling
• Weekly online meetings
PERFORM A N CE CON CERN S Concerns: • Website crashing • Resigning from the company
Solution: • Mbira • Hire a new associate or divide tasks among ourselves
• No incoming supply
• Replace brands, always reach out to new suppliers • Resale by trickle down effect • Global company, using our profit from one country to cover the other • Credit cards for qualified customers
• Trends changing • Recession
OPPORTUNITIES v Environmental • We carry merchandise that caters to all weather conditions
v Demographic • Global company • World-wide fashion forecast
v Performance • One we reach a substantial profit, we will expand into selling other merchandise such as cosmetics
v Networking • Expanding our target market • Collaborating with more designers
v Charities • Donating portion of our profits from a certain line • Collaborating for different good causes